Allen Barron provides legal and accounting services for executors and trustees in San Diego. Most people are completely unaware of the heavy personal legal and financial responsibility they accept when they agree to serve as the executor of an estate or the trustee for a family trust. Once the glow of the honor bestowed upon them begins to fade, the solemn responsibility and legal exposure they face immediately sets in.
The executor of an estate has a fiduciary duty to adhere to the terms of the will according to California law. This applies to all transactions regarding the sale, disposal and/or distribution of assets as well as the responsibility to personally ensure all tax returns, estate reporting and probate procedures are followed to the letter of the law. The fiduciary duty of the executor extends to the estate of the deceased as well as the beneficiaries of the will and all proceeds of the estate. The trustee becomes the legal owner and supervisor of the assets of the trust and also carries a fiduciary duty to manage those assets on behalf of the beneficiaries of the trust. The assets must be prudently managed and/or invested and protected against loss. The fiduciary duty extends to the trust as well as each beneficiary of the trust.
A “fiduciary duty” is the highest responsibility established by California law. It is the same duty to act in the best interests of the trust or estate as a lawyer has to a client, a shareholder or director has to a corporation, a parent to a child or a spouses share for one another. It strictly punishes and holds the fiduciary agent personally and financially liable for any losses, dishonesty, questionable actions or self-serving decisions made in the capacity of an executor or trustee.
Allen Barron is the single source of legal and accounting services for executors and trustees in San Diego. Our tax and accounting team ensure all ongoing or final tax returns are accurately completed, the marshalling of assets is completed and ultimately the estate is probated or the duties of the trust are discharged while providing advice at each step of the way. The best news for an executor or trustee is the fees for these services are almost always provided for and paid by the associated estate or trust. We invite you to contact us or call 866-631-3470 for a free consultation to learn about the scope of your responsibilities and the services Allen Barron can provide to support you in this crucial and legally precarious role.